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McDonald's COO to retire; executives restructured

Published on NewsOK
Modified: March 20, 2014 at 3:43 pm •
Published: March 20, 2014

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NEW YORK (AP) — McDonald's says its chief operating officer is retiring and that it won't refill the position.

The world's biggest hamburger chain says Tim Fenton, 56, will retire in October, then act as a special adviser to CEO Don Thompson. Fenton joined the company as a teenager in 1973 as a worker at a restaurant in Utica, N.Y.

The company says Fenton will not be replaced. Instead, it's expanding the responsibilities for Chief Financial Officer Pete Bensen and Global Chief Brand Officer Steve Easterbrook.

The change in the executive structure come as McDonald's Corp. faces a variety of challenges around the world, such as intensifying competition and changing eating habits. After outperforming its rivals for years, the company has been fighting to boost sales and keep pace with the fast-shifting industry.

It's not the only recent personnel change at the company's headquarters Oak Brook, Ill. This past October, the company named Atif Rafiq, a former executive at Amazon and Yahoo, to the newly created role of chief digital officer. The move was seen as a way to boost the digital experience in its executive ranks as the chain looks to test mobile payments and ordering in the months ahead.